Occidental Petroleum Reports Mixed Q2 Results, Raises Full-Year Production Outlook

Occidental Petroleum Corporation OXY shares are trading lower after hours as the company reported second-quarter earnings. Here's what to know.

What To Know: The company reported quarterly earnings of $0.63 per share, which missed the analyst consensus estimate of $0.72, an 80.06% decrease over earnings of $3.16 per share from last year. Occidental reported quarterly sales of $6.73 billion, which beat the analyst consensus estimate of $6.69 billion, a 37.31% decrease over sales of $10.73 billion in the same period last year.

Occidental reported production of 1,218 Mboed, surpassing the mid-point of guidance by 42 Mboed. The company raised full-year production guidance to 1,210 Mboed.

The company generated an operating cash flow of $3.1 billion, and cash flow from operations before working capital of $2.7 billion, attributed to strong operational performance.

"Strong operational performance across our businesses in the second quarter drove continued financial success and enabled us to deliver additional substantive progress on our shareholder return framework," said President and CEO Vicki Hollub.

"Our team's technical achievements have positioned us for a strong second half of 2023, giving us confidence to raise full-year oil and gas production guidance."

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OXY Price Action: OXY shares were down 2.55% after hours at $59.90 at the time of publication, according to Benzinga Pro.

Image by Terry McGraw from Pixabay